The Hong Kong Monetary Authority (HKMA) has decided to update the implementation schedule for the Basel III final reform package. The implementation will begin no earlier than 1st July 2024 and will include revised standards on credit risk, operational risk, and output floor as a minimum regulatory requirement. The revised standards on market risk and CVA risk will be required for reporting only at first, and will become a minimum regulatory requirement from 1st January 2025. The implementation dates for the revised disclosure requirements will align with the associated policy standards. The schedule is subject to the legislative process, and the HKMA aims to release the final set of rules for consultation by October 2023. The HKMA welcomes comments from the Association on these proposals until 4th September 2023.